Discounted Cash Flow (DCF) Analysis Unlevered

Southern Company (The) 2019 Ser (SOLN)

$56.16

+0.72 (+1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 56.16 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23,03123,49521,41920,37523,11323,213.6923,314.8223,416.4023,518.4123,620.87
Revenue (%)
EBITDA 6,1738,08211,6199,2538,4859,172.779,212.749,252.879,293.189,333.67
EBITDA (%)
EBIT 2,7164,5338,2885,3484,5125,364.695,388.075,411.545,435.115,458.79
EBIT (%)
Depreciation 3,4573,5493,3313,9053,9733,808.083,824.673,841.333,858.073,874.87
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2,1301,3961,9752,4271,7982,047.532,056.452,065.412,074.402,083.44
Total Cash (%)
Account Receivables 4,0484,0593,4093,3352,9623,711.943,728.113,744.353,760.663,777.05
Account Receivables (%)
Inventories 2,6272,3942,3882,4882,3552,560.232,571.392,582.592,593.842,605.14
Inventories (%)
Accounts Payable 3,0763,4362,5572,8062,1692,928.382,941.142,953.952,966.822,979.74
Accounts Payable (%)
Capital Expenditure -7,423-8,001-7,555-7,441-7,240-7,864.87-7,899.13-7,933.55-7,968.11-8,002.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 56.16
Beta 0.000
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 6.52
After-tax Cost of Debt 3.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.804
Total Debt 55,470
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23,03123,49521,41920,37523,11323,213.6923,314.8223,416.4023,518.4123,620.87
EBITDA 6,1738,08211,6199,2538,4859,172.779,212.749,252.879,293.189,333.67
EBIT 2,7164,5338,2885,3484,5125,364.695,388.075,411.545,435.115,458.79
Tax Rate 17.60%18.44%27.33%10.35%6.52%16.05%16.05%16.05%16.05%16.05%
EBIAT 2,237.903,696.986,022.804,794.234,217.744,503.624,523.244,542.954,562.744,582.62
Depreciation 3,4573,5493,3313,9053,9733,808.083,824.673,841.333,858.073,874.87
Accounts Receivable --1165074373-749.94-16.17-16.24-16.31-16.38
Inventories -2336-100133-205.23-11.15-11.20-11.25-11.30
Accounts Payable -360-879249-637759.3812.7612.8112.8712.93
Capital Expenditure -7,423-8,001-7,555-7,441-7,240-7,864.87-7,899.13-7,933.55-7,968.11-8,002.82
UFCF -1,728.10-173.021,575.801,481.23819.74251.04434.21436.10438439.91
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 448.71
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 53,672
Equity Value -
Shares Outstanding -
Equity Value Per Share -